Seth Klarman
Filosofía de inversión
Seth Klarman gilt als einer der angesehensten lebenden Value-inversoren. Er dirige die Baupost Group mit einem unnachgiebigen Fokus auf Kapitalerhalt und Sicherheitsmarge. Sein Buch „Margin of Safety” ist zu einem Kultklassiker in Value-Investing-Kreisen geworden und erzielt auf Sekundärmärkten regular Preise von sobre 1.000 Dollar.
Klarmans Ansatz zeichnet sich durch extremoe Geduld aus — er mantiene häufig große Cash-Positionen (manchmal 30–50 % des Fonds), wenn er keine Investments findet, die sus strengen Kriterien entsprechen. Er spezialisiert sich auf komplexe, illiquide und notleidende Situationen, die die meisten institutionellen inversoren meiden: Insolvenzen, Spin-offs, Rechtsstreitigkeiten und Immobiliensanierungen.
Klarman ist sobrezeugt, dass der größte Vorteil beim Invertir das Temperament ist, no der Intellekt — die Fähigkeit, disciplinado und emotionslos zu bleiben, wenn Märkte euphorisch oder panisch reagieren. Sein einzigartiger Fokus auf die Vermeidung dauerhafter Kapitalverluste macht ihn zu einem der vertrauenswürdigsten Kapitalverwalter der Sector.
Aktuelles Portfolio
Fuente: SEC 13F Filing (Q4 2025)
| Ticker / Security | Type | Shares (MM) | Δ Shares (%) | Value (Full $) | Portfolio (%) |
|---|---|---|---|---|---|
| EXE / Expand Energy Corp. | Common | 5.06 | 0.00% | $558,680,000 | 7.95% |
| TRMD / TORM plc | Common | 26.43 | -34.88% | $527,290,000 | 7.50% |
| AU / AngloGold Ashanti plc | Common | 3.85 | -8.06% | $328,160,000 | 4.67% |
| SMH / VanEck Semi ETF | Put | 0.86 | NEW | $311,510,000 | 4.43% |
| GTX / Garrett Motion Inc. | Common | 17.09 | -46.40% | $297,960,000 | 4.24% |
| SPY / SPDR S&P 500 ETF | Put | 0.39 | +16.67% | $262,540,000 | 3.74% |
| INDV / Indivior Pharma | Common | 7.11 | -97.24% | $255,060,000 | 3.63% |
| VNOM / Viper Energy, Inc. | Common | 6.29 | 0.00% | $242,790,000 | 3.45% |
| TDS / Telephone and Data | Common | 3.69 | 0.00% | $151,220,000 | 2.15% |
| B / Barrick Gold Corp. | Common | 2.98 | -9.90% | $129,570,000 | 1.84% |
| TLN / Talen Energy Corp. | Common | 0.33 | +13.74% | $124,120,000 | 1.77% |
| CORZ / Core Scientific | Common | 8.35 | +30.47% | $121,590,000 | 1.73% |
| NOK / Nokia Oyj | Common | 18.75 | 0.00% | $121,330,000 | 1.73% |
| TLN / Talen Energy | Call | 0.30 | +361.54% | $112,450,000 | 1.60% |
| FTAI / FTAI Aviation Ltd. | Common | 0.52 | -11.59% | $101,840,000 | 1.45% |
| ITUB / Itaú Unibanco | Common | 13.82 | +9.13% | $98,970,000 | 1.41% |
| ORCL / Oracle Corp. | Put | 0.50 | 0.00% | $97,450,000 | 1.39% |
| LBTYA / Liberty Global | Common | 8.55 | 0.00% | $95,260,000 | 1.36% |
| CBL / CBL & Assoc Properties | Common | 2.52 | -16.22% | $93,150,000 | 1.33% |
| RIOT / Riot Platforms | Conv. Bond | 92.92 | NEW | $21,320,000 | 1.32% |
| AERO / Grupo Aeroméxico | Common | 3.78 | NEW | $82,940,000 | 1.18% |
| TAC / TransAlta Corp. | Common | 6.42 | 0.00% | $81,250,000 | 1.16% |
| STKL / SunOpta Inc. | Common | 20.73 | 0.00% | $78,880,000 | 1.12% |
| NU / Nu Holdings Ltd. | Common | 4.48 | -0.88% | $74,980,000 | 1.07% |
| FCX / Freeport-McMoRan | Common | 1.39 | -7.63% | $70,600,000 | 1.00% |
| KRC / Kilroy Realty Corp. | Common | 1.85 | 0.00% | $69,130,000 | 0.98% |
| CX / CEMEX S.A. | Common | 5.75 | -44.98% | $66,060,000 | 0.94% |
| RWAY / Runway Growth | Common | 7.03 | -15.10% | $62,770,000 | 0.89% |
| ECHO / EchoStar Corp. | Conv. Bond | 60.16 | NEW | $58,140,000 | 0.86% |
| BLCO / Bausch + Lomb | Common | 3.38 | +4.23% | $57,780,000 | 0.82% |
| GRAB / Grab Holdings | Common | 11.21 | -7.33% | $55,930,000 | 0.80% |
| XP / XP Inc. | Common | 3.32 | +63.32% | $54,350,000 | 0.77% |
| MAR / Marriott Int. | Put | 0.15 | 0.00% | $46,540,000 | 0.66% |
| LILAK / Liberty Latin Am. | Common | 5.75 | -13.81% | $42,890,000 | 0.61% |
| ECVT / Ecovyst Inc. | Common | 4.25 | +48.81% | $41,400,000 | 0.59% |
| AD / Array Digital Infra | Common | 0.72 | 0.00% | $38,840,000 | 0.55% |
| VIST / Vista Energy | Common | 0.78 | -57.52% | $38,060,000 | 0.54% |
| YMM / Full Truck Alliance | Common | 3.52 | -7.32% | $37,770,000 | 0.54% |
| SE / Sea Limited | Common | 37.77 | NEW | $37,770,000 | 0.54% |
| SBLK / Star Bulk Carriers | Common | 1.96 | 0.00% | $37,730,000 | 0.54% |
| CRC / California Resources | Common | 0.69 | 0.00% | $31,050,000 | 0.44% |
| BZ / Kanzhun Limited | Common | 1.52 | -7.32% | $31,040,000 | 0.44% |
| CORZ / Core Scientific | Call | 2.00 | NEW | $29,120,000 | 0.41% |
| TEO / Telecom Argentina | Common | 2.35 | -10.72% | $27,250,000 | 0.38% |
| VALE / Vale S.A. | Common | 2.02 | -0.49% | $26,370,000 | 0.38% |
| TX / Ternium S.A. | Common | 0.66 | -26.62% | $25,150,000 | 0.36% |
| KRSP / Rice Acquisition | Common | 32.40 | NEW | $24,660,000 | 0.35% |
| OCSL / Oaktree Specialty | Common | 1.85 | 0.00% | $23,600,000 | 0.34% |
| INFY / Infosys Limited | Common | 1.09 | NEW | $19,510,000 | 0.28% |
| ONIT / Onity Group Inc. | Common | 0.39 | NEW | $17,900,000 | 0.25% |
| SMRT / SmartRent, Inc. | Common | 7.51 | 0.00% | $15,160,000 | 0.22% |
| OPTU / Optimum Comm. | Common | 7.50 | 0.00% | $12,380,000 | 0.18% |
| BHC / Bausch Health Co. | Common | 1.27 | 0.00% | $8,830,000 | 0.13% |
| MX / Magnachip Semi | Common | 2.85 | 0.00% | $7,270,000 | 0.10% |
| LILA / Liberty Latin Am. | Common | 0.84 | -0.88% | $6,200,000 | 0.09% |
| HDB / HDFC Bank Limited | Common | 0.13 | -13.73% | $4,770,000 | 0.07% |
| BATL / Battalion Oil | Common | 3.01 | -0.13% | $3,400,000 | 0.05% |
| ALVO / Alvotech | Common | 0.53 | -65.87% | $2,020,000 | 0.03% |
| BTAI / BioXcel Therapeutics | Common | 0.24 | 0.00% | $390,000 | 0.01% |
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